(a) Application of annual property value adjustment tax credit against personal income tax or corporate net income tax. The amount of the property value adjustment tax credit shall be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by 11-21-1 et seq. or 11-24-1 et seq. of this code, as applicable, to offset tax liabilities imposed on net income for each taxable year, beginning in the eligible taxpayers tax year in which construction of project property is completed, as certified by the Department of Economic Development, and ending at the end of the eligible taxpayers 10th taxable year subsequent to the tax year in which construction of project property is completed, as certified by the Department of Economic Development.
(1) Personal income tax. The amount of the annual property value adjustment tax credit shall be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by 11-21-1 et seq. of this code.